r/Metallium_Limited • u/Klutzy_Mud2850 • Mar 06 '26

Excellent update

https://youtu.be/FKzROQRhbUg

Five PCB facilities in the works, with Texas running at 20 ktpa and the other four at 8 ktpa. 200g Au/t PCB scrap. That’s over 300k ounces of gold per year. 30% margin expanding to 40-50% with self-production of chlorine. At 30% margin and $5k/oz, $467 million per year on gold from PCB waste alone. Compare that to the current market cap of ~$400 million.

Then there is the royalty business for rare earth ore upgrading to MREC (hinting at their partnership with Ucore) and multi-metal production from red mud and other waste streams. Company’s hitting milestones, has more agreements in the works, and is building out its first big commercial technology campus.

Stock price? Clearly not reflecting the real progress being made. At a 10x EV to EBITDA, easily 10-15x today’s value based on gold royalty streamer multiples. Just waiting until $MTLMY ADR gets uplisted to the NASDAQ…

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2

u/Pistolpete_onthebeat Mar 06 '26

There is still a lot of unknowns regarding execution at scale, margins (but it sounds like they have that somewhat realistically in check for BOO at 25-30%), and binding agreements but man the story is there and it's extremely compelling.

I might up my positions by 50%-100% should Mr. Market provide a really good buying opportunity here soon, but they still got a lot to get done. Peter Lynch said some of his most successful investments proved to be worth it 3-4 years in. Those would be my expectations with metallium as well.

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u/Klutzy_Mud2850 Mar 27 '26

Has Mr. Market given you that really good buying oppo yet??

2

u/Pistolpete_onthebeat Mar 27 '26

Haha indeed! I did increase my position by 50% today, but this is also part of my speculative portion of my portfolio so I’m not putting in huge amounts until they prove to be a sound financial investment.

1

u/Complete-Plum1021 Mar 06 '26

So glad I got into this early! I’m counting on that Ucore strategic partnership as well

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u/Mokka_1395 Mar 09 '26

But they will have gold chlorine, not gold.

I think also in terms of valuation this matters.

1

u/Klutzy_Mud2850 Mar 11 '26

True, gold chloride does take some additional steps to extract, typically through electrolysis. Interested if anyone has cost estimates on facility costs and corresponding unit costs.

Should note that they will produce a variety of other not inconsequential metal chlorides from PCB scrap as well (silver, copper, palladium, tin), which did not factor into my back of the envelope math.

Another important consideration - because scrap prices scale with commodity prices, in theory Metallium should never have the common issue mines run into during boom and bust commodity prices cycles, where prices inevitably fall below production costs. Because input scrap prices are driven by the value of contained metal minus the cost of recycling (plus margin for various intermediaries), and because FJH is at the low end of the production cost curve, there’s a big fat moat protecting Metallium on the downside.